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Acme increases its pension fund contribution

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Improving the financial condition of the pension fund was a featureof the settlement between 66 Acme Markets in the Philadelphia area andLocal 1357 of the United Food and Commercial Workers.

In return for awage freeze during the first 5 months of the 3-year contract, Acme agreed to raise its payment to the pension fund to $188 a month perfull-time employee over the contract term, from $109.38. For part-timeworkers, Acme’s obligation was raised to $47 a month, from $33.45.

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A union official said that the financial health of the Tri-StateMultiemployer Pension Fund would be assured if other food store chainsagreed to similar increases in their obligation, noting that Acme hadearlier agreed to a contract for 4,000 workers in New Jersey, Delaware,and Pennsylvania that provided for the same increase in pension fundpayment in return for a first contract-year wage freeze.

Other terms of the Acme accord for the Philadelphia area included a$57.53-a-month increase in the company’s health and welfareobligation over the term, bringing it to $306.74 on May 1, 1986, and forpart-time workers, a .

44 increase, to $122.49; 40-cent-an-hour wageincreases (20 cents for baggers and other customer service employees) onJanuary 27, 1985, and January 26, 1986; an additional 70-cent increaseover the term to 700 “between grades” workers who were movedto the next higher grade; time and one-half for Sunday work, instead ofdouble time; and termination of Easter Monday as a holiday. The contract, which covers 4,700 workers, expires on January 15,1987.

Cite this Acme increases its pension fund contribution

Acme increases its pension fund contribution. (2017, Nov 11). Retrieved from https://graduateway.com/acme-increases-its-pension-fund-contribution-essay/

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